Feng Huang Wang·2025-09-22 12:08Core Viewpoint - The A-share market has undergone significant transformation over the past year, transitioning from a bearish phase to a robust upward trend, driven by supportive policies and increased investor confidence [1][2]. Market Performance - A-share indices have experienced explosive growth, with the ChiNext 50 leading with a 116.14% increase, followed by the Sci-Tech 50 at 111.91%, and the ChiNext Index surpassing 100% growth at 101.96% [3][4]. - The small-cap growth index surged by 70.86%, significantly outperforming the large-cap growth index, which rose by 56.54% [3]. Trading Volume and Investor Activity - A-share trading volume saw a dramatic increase, with total trading volume reaching 405.63 trillion yuan, a 115.22% increase from the previous year [5][6]. - New account openings surged to 30.57 million in the year following the policy implementation, an increase of 83.86% compared to the previous year [7][8]. Financing and Leverage - The financing balance in the A-share market rose to 23.86 billion yuan, with a daily average financing balance increasing by 25.19% [10][11]. - Daily average financing buy amounts increased by 159.47%, indicating a strong influx of leveraged funds into the market [10]. Foreign Investment Trends - Southbound capital saw a significant increase, with net purchases reaching 110.97 billion HKD, a 148% increase from the previous year [12][13]. - Foreign institutional investors have also increased their holdings in A-shares, with total trading volume through the Stock Connect reaching 49.29 trillion yuan, an 82.13% increase [15][16]. Institutional Investment - Insurance funds have increased their stock investments, with the investment scale rising to 28.73 billion yuan, a 31.56% increase [18][20]. - Public funds have expanded significantly, with the total number of funds reaching 13,240, an 8.79% increase, and equity funds becoming the mainstream investment choice [21][23]. Company Performance - Notable companies such as Industrial Fulian and CATL have seen substantial market capitalization growth, with increases of 940.9 billion yuan and 794.9 billion yuan, respectively [25][26]. - Traditional industry leaders like Kweichow Moutai and Industrial and Commercial Bank of China also experienced significant stock price increases, reflecting a market preference for stable, high-dividend companies [26][27]. Corporate Financial Strategies - Companies have increased their investments in diversified financial products, with bank wealth management subscriptions rising by 1.93% and securities company wealth management subscriptions increasing by 9.21% [28][29].